The number of canceled apartment sale contracts in key non-regulated areas of the Seoul metropolitan area, including Dongtan-gu in Hwaseong and Guri, rose 22% in a year.
Ham Young-jin, head of the Real Estate Research Lab at Woori Bank, analyzed data from the Ministry of Land, Infrastructure and Transport's actual transaction disclosure system on the 24th and found that the number of canceled apartment sale contracts in Guri, Namyangju, Gwonseon-gu in Suwon, Manan-gu in Anyang, Giheung-gu in Yongin, and Dongtan-gu in Hwaseong came to 1,248 in the first half of this year. That was up 21% from the same period last year (1,027).
In Dongtan-gu, Hwaseong, there were 351 cancellations just this year. Roughly three out of every 10 cancellations in non-regulated areas of the metropolitan area came from Dongtan-gu. Next were Namyangju with 297, Giheung-gu in Yongin with 236, Gwonseon-gu in Suwon with 152, Guri with 125, and Manan-gu in Anyang with 87.
Some sellers who expect further price increases are canceling contracts despite the burden of paying double the deposit as damages, according to one analysis. These areas not only have strong accessibility to Seoul, but also benefit from factors such as the expansion of the GTX (Great Train eXpress) network and the creation of a semiconductor industry belt. In addition, as non-regulated areas, loan rules are relatively loose, and homes with tenants can be sold, drawing demand.
The average actual transaction price per apartment in Guri rose from 659.62 million won last year to 721.26 million won this year. The increase rate reached 9.3%. In Dongtan-gu, Hwaseong, the average price per unit also climbed from 743.78 million won last year to 812.76 million won this year.
Ham Young-jin, head of the Real Estate Research Lab at Woori Bank, said, "As the uptrend in home prices strengthens, sellers' calculations are changing," and added, "Even considering the burden of paying double the deposit as damages, expectations are growing that prices will rise further."